Apple Inc.’s shares surpassed $700 as record first-day orders for the latest iPhone fueled optimism that the company will keep generating the revenue growth that transformed it from a niche computer manufacturer into the world’s most valuable business.

Commodities climbed the most in two months as crude oil and natural gas surged amid frigid weather along the U.S. East Coast. Emerging-market stocks rose for the first time in five days while the Standard & Poor’s 500 Index gained for a second session as companies posted earnings.